Credit Issues

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Credit Issues Overview

There are a wide range of credit issues that can affect the ability to obtain credit. There are many classes of credit issues but they all relate back to how they affect negatively an application for credit.

Positive and Negative Credit Reporting

Credit reporting is constantly evolving. Australia is currently moving from the old method of credit reporting which is basically credit updates being noted on your credit file for accounts being delinquent for 3 months or greater. The new reporting method which is called “positive credit reporting” involves tracking payment history on debts, both positively and negatively, along with delinquent credit facilities. Positive credit reporting is intended to support better reporting of credit activities and the management of accounts, so lenders can ascertain a deeper understanding in applications for credit. Essentially a deeper understanding of the character of the loan/credit applicant toward managing credit and the risk associated to providing new credit.

Outcome of Positive Credit Reporting and Credit Issues

The result in applying for credit, is that potentially a higher number of loan applicants would fall outside of the lending criteria of traditional lenders. A sure fact is that as an finance applicant an understanding of what affects your potential to obtain credit, both positively and negatively will have an affect in securing finance or credit accounts on an ongoing basis. Along with this understanding of your credit file correct management of your accounts will have a positive affect for you in securing finance. In our further pages, you will find information on the various forms of credit issues, along with how to assist you in positioning your credit file to enable a better chance of loan approval, or obtain a more competitive interest rate.

If you would like to discuss any credit issues you are experiencing, simply complete an enquiry form on any of the pages or contact us on 1300 796 850, for a confidential discussion.

Vision & Mission of Loan Saver Network

Vision

Loan Saver Network is committed to smarter financial choices for our clients leaving them empowered and creating people and families with direction.

Mission

Loan Saver Networks mission is not only to provide debt help, but to foster financial change. We assist people to move forward from financial mistakes and learning new ways of managing finances, loans and to make better choices. We instil patience, knowledge and making better choices about finances and debt.